PARIS (Agefi-Dow Jones) – Crdit Agricole Consumer Finance, the consumer credit subsidiary of Crdit Agricole SA, announced on Wednesday that it had invested 100 million euros in the capital of Cosmobilis, the holding company of ByMyCAR, a French automotive distribution group .
“This operation allows Crdit Agricole Consumer Finance to become a strategic partner of this major player in automotive distribution,” said the group in a press release.
At the same time as this operation, Crdit Agricole Consumer Finance and Cosmobilis entered into exclusive negotiations to create a pan-European joint venture in automobile financing activities.
The launch of this joint venture should take place in the first half of 2023. The impact of the operation on the CET1 capital ratio of Crdit Agricole SA would be negligible, said the consumer credit group.
Crdit Agricole Consumer Finance plans to integrate this joint venture into the European automobile financing platform which would result from the 100% takeover of FCA Bank.
Last week, the automaker Stellantis and Crdit Agricole Consumer Finance announced that FCA Bank, until now 50-50 owned by the two groups, would be fully taken over by the subsidiary of Crdit Agricole SA. This decision followed Stellantis’ desire to reorganize its banking partnerships in automobile financing and leasing activities (long-term automobile financing) in Europe.
-Julien Marion, Agefi-Dow Jones; +33 (0) 1 41 27 47 94; [email protected] ed: LBO
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December 22, 2021 01:19 ET (06:19 GMT)